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1969
Jeffrey Lange has sketched some of the values and characteristics of a system of notation. Without mentioning it explicitly, he discusses the matter of the extent of acceptance of a particular system, pointing out that the canon of rife actuarial notation has been fixed by an International Congress of Actuaries.
1969
In his note, Mr. Lange has demonstrated diligent research on the problem of standardized notation for actuarial work. He has conveyed a sense of the history of the development of the notation used by life insurance actuaries, a sense of the utility derived from the standardization of that notation, and a sense of the problems which still exist in that area.
1969
Mr. McClure has performed a valuable service to the insurance industry with this paper. Unfortunately, the nuclear insurance program has remained a mystery to almost all but the few who have labored long and hard to make the program work. Mr. McClure is one of those few and thus can speak from personal knowledge.
1969
I was fortunate to draw Mr. Lawton as my reviewer, and the reader may be assured that there are few people better grounded in all phases of nuclear energy insurance. His comments are well taken. In particular, his first two points are correct, and I was unaware of his fourth point dealing with the liability coverage with respect to the licensee’s property not at the site.
1969
On July 30, 1969 a report by Arthur D. Little, Inc. entitled "Rates of Return in the Property and Liability Insurance Industry" was released by the National Association of Independent Insurers who had commissioned the report. This report represents an extension and widening of the profitability analysis contained in Arthur D.
1969
We are pleased to have this opportunity to reply to Mr. Bailey’s well written review of Arthur D. Little, Inc’s recent study1 of property and liability insurance. Mr. Bailey raises several methodological questions in financial and welfare economics. We will address each of these questions in turn. While we disagree with several of the conclusions Mr.
1969
In a review of the Arthur D. Little ‘Report on Rates of Return in the Property and Liability Insurance Industry which was presented to the Casualty Actuarial Society November 16, 1969 at Atlanta, Georgia, I showed that the ADL formula omitted a substantial part of the total return for the insurance industry and that the rate of return, 3.6%) produced by the formula was therefore substantially understated.
1969
At the ASTIN Colloquium held in Lucenle I reported on the request from the 6th Conference of European Insurance Supervisors for co-operation in the studies being made into the subject of technical reserves in non-life insurance. Copies of notes prepared for the 6th Conference were distributed to members and an advisory committee was formed to assist in dealing with the request. Two reports have been sent to all members of this committee.
1969
Distribution of aggregate claims, calculation of fair net premiums, sequential rating by Markov chain theory, probability of ruin, risk premium loading, reinsurance, utility theory.
1969
It is only very recently that the insurance industry began to acquaint itself with the concept of the return on owners’ equity and its implications. Professor Ferrari’s important and interesting paper presents a solid foundation for further exploration and analysis.
1969
This report aims at describing the procedures and statistics prepared for use in calculation of the limits of the equalization reserves of Finnish insurance companies. The report is based on work done by a committee which the Federation of Finnish Insurance Companies set up in 1962.
1969
In this paper we will investigate the following reinsurance problem: An insurer, whose total claims for a certain period may
be regarded as a random variable x with expected value Ex = m. wishes to cede part of his business to a reinsurer. A reinsurance
treaty will consist of rule for the division of x between the two parties. For any observed value of x it should define uniquely
what amount should be borne by the ceding insurer.
1969
The aim of this study is to find suitable methods for utilizing available statistical information on the risk development of terminated insurances. This information may comprise not only data respecting sex, age, insurance tariff, etc., but also the points of time when certain events--disability, injuries or damages--have occurred as well as their durability and cause.
1969
The author’s treatment of the Probable Maximum Loss concept is both interesting and thought-provoking from an underwriter’s viewpoint. It is a subject of great importance because a clear understanding of PML and its application can spell the difference between profit or loss, success or disaster, in the property insurance line. Mr.
1969
There is much that the reader may find remarkable in the paper, “Is Probable Maximum Loss (PML) a Useful Concept?” The term, itself, is believed one of those esoteric symbols of the underwriting fraternity whose members must in turn, sometimes find certain actuarial arcana a bit mystifying.
1969
The term "PML" or "probable maximum loss" is one of the most widely used terms in property insurance underwriting. But it represents one of the least clear concepts in all insurance. This fact is reflected by the results of a four-year study that involved collecting the personal and company definitions of PML from over one hundred underwriters and underwriting executives. No two of their definitions fully agree.
1969
As reports on work done on subjects discussed at earlier colloquia and on new lines of investigation 6 papers have been laid down on my table (To be exact, 5 on my table and the last one on my chair) at the beginning of this colloquium on Wednesday morning.
1969
Mr. Bailey’s paper presents an interesting and comparatively novel approach to the perennial problem of assuring that insurance companies will in fact be able to carry out the promises they make to their policyholders. In fact, I would suggest that perhaps the real title of his paper should not be "Insurance Investment Regulation" but rather "Insurance Company Solvency Regulation."
1969
Mr. Bailey, in his paper "Insurance Investment Regulation," has undertaken a large order.
1969
In this paper, the author proposes certain premises which are said to be the basis for insurance investment regulation and then describes and discusses some of the shortcomings of the present approach to investment regulation. He also suggests certain principles for achieving his concept of the purposes of insurance investment regulation.
1969
Insurers are experiencing a time of upheaval and change which involves their ownership and control, their investments, and the regulation of their investments. Many legislative changes are being proposed at the state and federal levels which affect holding companies, solvency, investments of insurers, and the measurement of the profits of insurers.
1969
As the reviewers perceived, I had a modest objective in mind when I wrote this paper. The objective was to illustrate, by a detailed examination of a simple model, the profound difficulties involved in attempting to establish the superiority of any particular social insurance funding method by a chain of purely mathematical reasoning; even when this reasoning proceeds from apparently plausible assumptions.
1969
The paper "Funding Theories for Social Insurance" presented by Mr. Hickman contains an excellent mathematical proof of some theories of insurance financing. Although I have some minor points dealing with his notation and explanation of concepts, 1 his proofs are mathematically rigorous. The same can not be said of the paper by Henry Aaron that is cited by Mr. Hickman.
1969
In restating for our benefit Henry Aaron’s theorem "The Social Insurance Paradox" and in extending the same type of analysis to conditions contrary to those assumed by Aaron, James Hickman has given us in "Funding Theories for Social Insurance" a deliberately simplified and limited analysis of alternative social insurance funding systems.
